Afreximbank has signed a major agreement for a hydroelectric project in the DRC.

The African Export-Import Bank (Afreximbank) has signed a significant hydroelectric project agreement for the Democratic Republic of Congo (DRC).

Newstimehub

Newstimehub

19 Dec, 2024

The African Export-Import Bank (Afreximbank) has signed a significant hydroelectric project agreement for the Democratic Republic of Congo (DRC).

This project will be located along the Lufira River and aims to construct a 200 MW hydroelectric reservoir.

Afreximbank’s Deputy Director General, Kanayo Awani, emphasized that the agreement highlights the bank’s support for renewable energy projects and its commitment to a fair energy transition in Africa. In this project, Afreximbank, in partnership with Kipay Investments SAS, will finance technical and banking feasibility studies, legal fees, financial advisory services, and fundraising activities.

The project will support the mining sector by providing energy for the enrichment of critical minerals while also improving access to education and healthcare services in the region. This hydroelectric investment aims to strengthen the DRC’s energy infrastructure, driving both industrial growth and improving the living standards of local communities.